Ryerson Reports Second Quarter 2026 Results

Rhea-AI Summary

Ryerson (NYSE: RYZ) reported Q2 2026 revenue of $2.01 billion, up 28.1% sequentially and 71.6% year-over-year, in its first full quarter following the Olympic Steel merger. Tons shipped rose 22.6% QoQ and average selling price per ton increased 4.5%.

Net income attributable to Ryerson was $15.5 million ($0.30 per share), while Adjusted EBITDA, excluding LIFO, reached $101.0 million, including $23.5 million from Olympic Steel. The company realized about $5 million of Q2 merger synergies and projects Q3 synergies of $13–$14 million, implying an annualized run rate of $52–$56 million versus a $40 million first‑year target.

Total debt ended the quarter at $955 million and net debt at $913 million, with global liquidity of $757 million. Ryerson returned $10.5 million to stockholders through dividends and share repurchases and guided Q3 2026 net sales to $1.87–$1.95 billion and Adjusted EBITDA, excluding LIFO, to $88–$92 million.

Positive

• Revenue $2.01 billion, up 28.1% QoQ and 71.6% YoY in Q2 2026
• Adjusted EBITDA excl. LIFO $101.0 million, up 49.9% QoQ and 124.4% YoY
• Net income $15.5 million, versus $4.5 million prior quarter and $1.9 million year-ago
• Olympic Steel contributed $564.2 million revenue and $23.5 million Adjusted EBITDA, beating guidance
• Synergies of ~$5 million realized in Q2; projected $52–$56 million annualized run rate
• SG&A ratio improved to 16.0% of revenue from 16.9% QoQ and 17.3% YoY

Negative

• Gross margin declined 70 bps QoQ to 17.7%, impacted by a $15.7 million purchase accounting charge
• LIFO expense increased to $17.0 million from $10.0 million in Q1 2026
• Net cash used in operating activities was $5.6 million in Q2 2026
• Total debt rose to $955.2 million, up 5.2% QoQ and 87.2% YoY
• Q3 2026 shipments expected to decline 3%–5% sequentially with anticipated margin pressure
• Additional inventory purchase accounting charges of $5–$7 million expected through year-end 2026

News Explained

A $0.1875 dividend is payable September 17, while the $100 million repurchase authorization remains unused and available through April 30, 2028.

Ryerson reported its second quarter ended June 30, 2026, its first full reporting period after the February 13, 2026 merger with Olympic Steel; the board also declared a $0.1875 per-share dividend payable September 17, 2026.

The $100 million repurchase authorization remains available through April 30, 2028, while only approximately 39,000 shares were repurchased in the second quarter before the new authorization took effect.

The quarter used $5.6 million of operating cash as receivables and inventory increased, while debt rose to $955 million and net debt to $913 million.

A specific near-term watch item is the expected recognition of approximately $5 million to $7 million of additional inventory purchase-accounting charges through year-end as acquired inventory is sold.

Market Context

The platform's tag-specific history contains 1 prior earnings event with a -6.38% reaction. That rec...

Analysis

The platform's tag-specific history contains 1 prior earnings event with a -6.38% reaction. That record adds a cautionary comparison to this report; insider Net Selling is another risk factor to watch.

Key Figures

Q2 revenue: $2.01 billion Tons shipped growth: 22.6% Average selling price growth: 4.5% +5 more

8 metrics

Q2 revenue $2.01 billion Q2 2026; exceeded previously provided revenue guidance

Tons shipped growth 22.6% Q2 2026 sequential increase

Average selling price growth 4.5% Q2 2026 sequential increase

Adjusted EBITDA excluding LIFO $101.0 million Q2 2026

Q2 synergy attainment $5 million Q2 2026 Olympic Steel integration

Annualized synergy run-rate $52 to $56 million Expected Q3 2026 run-rate; versus $40 million first-year target

Net debt $913 million June 30, 2026; increased $30 million sequentially

Q3 net sales guidance $1.87 billion to $1.95 billion Q3 2026 outlook

Previous Earnings Reports

1 past event · Latest: May 06 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	Q1 earnings report	Positive	-6.4%	Revenue and Adjusted EBITDA increased following Olympic Steel merger integration.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The tag-specific record shows the prior earnings release produced a negative 24-hour reaction despite reporting positive operating results.

Key Terms

lifo, purchase accounting, same-store revenue

3 terms

lifo financial

"Adjusted EBITDA, excl. LIFO of $101.0 million"

An accounting method that assumes the most recently acquired inventory items are sold first, so the newest costs flow into cost of goods sold while older costs stay on the balance sheet. Imagine a stack of boxes where you take from the top; when prices are rising, that top-first approach produces higher reported costs and lower reported profits, which can reduce taxes and change profit margins. Investors watch LIFO because it affects reported earnings, tax liabilities, and how comparable a company’s performance is to peers.

purchase accounting financial

"purchase accounting related to the Olympic Steel merger"

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

same-store revenue financial

"same-store revenue was $1.44 billion"

Same-store revenue measures the change in sales at locations that have been open for a defined prior period, excluding newly opened or recently closed outlets, so it tracks performance of only established units. It matters to investors because it isolates organic growth or decline—like comparing how the same set of shops did this year versus last—helping reveal true demand trends, management effectiveness, and whether growth comes from stronger operations or simply from opening more locations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Exceeded top line guidance, improved profitability, and grew book value of equity while
delivering targeted second-quarter synergies and building momentum toward exceeding our first-year synergy run-rate target

CHICAGO, July 29, 2026 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYZ), a leading value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2026.

Highlights: 

• Generated revenue of $2.01 billion in the second quarter, Ryerson's first full reporting period following the February 13, 2026 merger with Olympic Steel, Inc., exceeding the Company's previously provided revenue guidance range with total tons shipped 22.6% higher and average selling prices 4.5% higher sequentially. Excluding Olympic Steel, which generated $564 million of revenue during the quarter, same-store revenue was $1.44 billion, with average selling prices 7.2% higher and tons shipped 4.0% higher quarter-over-quarter.
• Delivered second quarter net income¹ of $15.5 million, or $0.30 per share, and Adjusted EBITDA, excl. LIFO² of $101.0 million, $23.5 million of which was attributable to Olympic Steel.
• Realized approximately $5 million in second quarter synergy attainment and expects to realize $13 to $14 million in third quarter synergies, or $52 to $56 million on an annualized run-rate basis, positioning the Company to exceed its $40 million first-year annual run-rate synergy target ahead of schedule.
• Ended the second quarter with total Company debt of $955 million and net debt³ of $913 million, an increase of $47 million and $30 million, respectively, driven by higher working capital requirements supporting higher revenue generation.
• Returned $10.5 million to stockholders during the quarter, comprised of $9.7 million in dividends and $0.8 million in share repurchases.    

 A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.

$ in millions, except tons (in thousands), average selling prices, and earnings per share
Financial Highlights:		Q2 2026		Q1 2026		Q2 2025		QoQ		YoY		1H 2026		1H 2025		YoY
Revenue		$2,006.2		$1,566.5		$1,169.3		28.1 %		71.6 %		$3,572.7		$2,305.0		55.0 %
Tons shipped		804		656		501		22.6 %		60.5 %		1,460		1,001		45.9 %
Average selling price/ton		$2,495		$2,388		$2,334		4.5 %		6.9 %		$2,447		$2,303		6.3 %
Gross margin		17.7 %		18.4 %		17.9 %		-70 bps		-20 bps		18.0 %		18.0 %		0 bps
Gross margin, excl. LIFO(2)		18.6 %		19.1 %		19.0 %		-50 bps		-40 bps		18.8 %		18.8 %		0 bps
Warehousing, delivery, selling, general, and administrative expenses		$320.3		$265.2		$201.8		20.8 %		58.7 %		$585.5		$403.9		45.0 %
As a percentage of revenue		16.0 %		16.9 %		17.3 %		-90 bps		-130 bps		16.4 %		17.5 %		-110 bps
Net income (loss) attributable to Ryerson Holding Corporation		$15.5		$4.5		$1.9		244.4 %		715.8 %		$20.0		$(3.7)		640.5 %
Diluted earnings (loss) per share		$0.30		$0.10		$0.06		$0.20		$0.24		$0.42		$(0.12)		$0.54
Adjusted diluted earnings (loss) per share		$0.52		$0.30		$0.08		$0.22		$0.44		$0.85		$(0.10)		$0.95
Adj. EBITDA, excl. LIFO		$101.0		$67.4		$45.0		49.9 %		124.4 %		$168.4		$77.8		116.5 %
Adj. EBITDA, excl. LIFO margin		5.0 %		4.3 %		3.8 %		70 bps		120 bps		4.7 %		3.4 %		130 bps
Balance Sheet and Cash Flow Highlights:
Total debt		$955.2		$907.7		$510.2		5.2 %		87.2 %		$955.2		$510.2		87.2 %
Cash and cash equivalents		$41.9		$25.1		$30.8		66.9 %		36.0 %		$41.9		$30.8		36.0 %
Net debt		$913.3		$882.6		$479.4		3.5 %		90.5 %		$913.3		$479.4		90.5 %
Net debt / LTM Adj. EBITDA, excl. LIFO		4.0x		5.1x		4.4x		(1.1x)		(0.4x)		4.0x		4.4x		(0.4x)
Cash conversion cycle (days)		70.9		66.9		66.3		4.0		4.6		66.7		66.7		—
Net cash provided by (used in) operating activities		$(5.6)		$(152.2)		$6.7		$146.6		$(12.3)		$(157.8)		$(2.4)		$(155.4)

Management Commentary
Eddie Lehner, Ryerson's Chief Executive Officer & Director, said, "Despite a high-friction economy, Ryerson delivered a promising second quarter by exceeding our revenue, shipment, and Adjusted EBITDA, excl. LIFO guidance expectations as the positively impactful validations of the Ryerson-Olympic merger are proving out all-around and every day. We generated improved sequential and year-over-year net income while realizing encouraging transactional order and market share growth, productivity gains, and synergy attainment. These results were delivered in an asymmetric but better industrial demand environment, highlighted by strong artificial intelligence driven increases in business investment, juxtaposed with somewhat stilted traditional vertical markets, as well as some supply-side capacity constraints in mill production and truck based delivery. I want to thank all of my Ryerson Family of Companies teammates for their exemplary execution in the quarter and commitment to delivering great customer experiences across our network of intelligently connected value-added service centers. Most importantly, we are building enhanced value accretion capabilities throughout our post-merger combined companies to the betterment of all Ryerson stakeholders."   

Rick Marabito, Ryerson's President, Chief Operating Officer & Director added, "Our teams executed well for our customers in the second quarter while continuing to advance the integration of Ryerson and Olympic Steel. In this market environment, customers are increasingly valuing product availability, reliability, processing capability, and speed of response, and we believe our expanded scale positions us better to meet those needs. We realized our targeted synergies for the quarter and are now expecting to exceed our first-year annual run-rate synergy goal thanks to the execution and teamwork taking place across the combined enterprise. We are encouraged by how naturally our teams are working together with a shared purpose. We are seeing the collaboration across our teams and geographies create new opportunities, solve customer needs faster, and improve the customer experience across the organization."

Second Quarter Results
In its first full quarter together with Olympic Steel, Ryerson generated net sales of $2.01 billion, an increase of 28.1% compared to the previous quarter, which only included six weeks of Olympic Steel's results. Total Company tons shipped increased by 22.6% and average selling prices increased by 4.5% quarter-over-quarter. Excluding the impact of Olympic Steel, which generated $564 million of revenue during the quarter, second quarter same-store net sales were $1.44 billion, an increase of 11.5% quarter-over-quarter with average selling prices 7.2% higher and tons sold 4.0% higher. Year-over-year, same-store net sales increased by 23.3% with tons shipped 8.6% higher and average selling prices 13.6% higher. Demand conditions in the second quarter were constructive but uneven as secular strength in data center and power generation projects continued to support activity while other end-markets, such as those more sensitive to interest rates and inflation, remained cautious. At the same time, U.S. industrial metals prices reached multi-year highs during the quarter, with carbon products supported by tight domestic supply, extended lead times, cyclical momentum, and multi-year lows in service center inventories. Aluminum prices and Midwest premiums also rose meaningfully during the quarter, largely due to supply disruptions in the Middle East, while nickel prices remained volatile.

During the second quarter, purchase accounting related to the Olympic Steel merger increased the fair market value of acquired inventory, resulting in a one-time $15.7 million charge to cost of materials sold as acquired inventory was sold during the period. As a result, second quarter gross margin contracted by 70 basis points to 17.7% compared to 18.4% in the prior quarter. Excluding this purchase accounting adjustment, gross margin expanded marginally during the quarter by 10 basis points to 18.5%. Also reflective of the rising price environment, LIFO expense for the second quarter was $17.0 million, compared to $10.0 million in the prior quarter. Excluding the impacts of LIFO and purchase accounting, gross margin expanded by 20 basis points to 19.3% in the second quarter of 2026 compared to gross margin, excluding LIFO of 19.1% in the first quarter of 2026.

Second quarter total Company warehousing, delivery, selling, general, and administrative expenses were $320.3 million, an increase of 20.8% compared to $265.2 million in the prior quarter. Excluding Olympic Steel, same-store warehousing, delivery, selling, general, and administrative expenses were $218.7 million in the second quarter, relatively flat compared to $217.6 million in the prior quarter, or down as a percentage of sales from 16.8% to 15.2%. On a per ton basis, total Company warehousing, delivery, selling, general, and administrative expenses were $398 per ton in the second quarter, or $402 per ton on a same-store basis, compared to $404 per ton and $416 per ton, respectively, in the previous periods.

Net income attributable to Ryerson Holding Corporation for the second quarter of 2026 was $15.5 million, or $0.30 per diluted share, compared to net income of $4.5 million, or $0.10 per diluted share, for the previous quarter and $1.9 million, or $0.06 per diluted share, in the second quarter of 2025. After removing the impact of purchase accounting adjustments, an insurance settlement gain, advisory service fees, and impairment charges on assets as well as the related income tax benefits of these items, Ryerson's second quarter Adjusted Net Income was $27.6 million, or $0.52 per diluted share. Adjusted EBITDA, excluding LIFO  was $101.0 million in the second quarter of 2026 compared to $67.4 million in the first quarter of 2026 and $45.0 million in the year-ago period. On a same-store basis, excluding Olympic Steel's contributions, Ryerson generated Adjusted EBITDA, excluding LIFO of $77.5 million in the second quarter of 2026, compared to $54.9 million in the prior quarter.

Olympic Steel Integration & Financial Results
In the second quarter, Ryerson realized approximately $5 million of synergy benefits through procurement, efficiency, network optimization, and commercial enhancement actions. As these actions scale across the organization and the Company advances the next phase of its integration strategy, management expects third quarter synergy benefits to increase to approximately $13 million to $14 million, or approximately $52 to $56 million on an annualized run-rate basis. This projected realization is expected to position Ryerson to exceed its $40 million first-year annualized run-rate synergy target ahead of schedule, and the Company continues to track toward its $120 million two-year annualized run-rate synergy target.

Olympic Steel contributed $564.2 million of revenue and $23.5 million of Adjusted EBITDA, excluding LIFO, to Ryerson's results during the second quarter, exceeding management's expectations of $21 to $23 million in Adjusted EBITDA, excluding LIFO.

Liquidity & Debt Management
Ryerson used $5.6 million in cash from operations in the second quarter as net income generation was offset by increased receivables and inventory investment. This compares to a use of cash from operating activities of $152.2 million in the first quarter of 2026. The Company ended the second quarter of 2026 with debt of $955 million and net debt of $913 million, an increase of $47 million and $30 million, respectively, compared to the first quarter of 2026 driven by higher working capital requirements.

Global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, increased to $757 million as of June 30, 2026 compared to $618 million as of March 31, 2026, reflective of the Company's increased borrowing base from higher working capital.

Stockholder Return Activity

Dividends. On July 29, 2026, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on September 17, 2026, to stockholders of record as of September 3, 2026. During the second quarter of 2026, Ryerson's quarterly dividend was of the same amount and represented a total cash return to stockholders of $9.7 million.

Share Repurchases and Authorization. Ryerson returned $0.8 million to stockholders in the form of share repurchases during the second quarter through the opportunistic repurchase of approximately 39,000 shares in the open market. As these repurchases occurred before the new authorization became effective, the full $100 million share repurchase authorization approved by the Board of Directors on May 6^th remains available through April 30^th, 2028.

Outlook Commentary
In the third quarter of 2026, the Company expects that shipments will decline sequentially by 3% to 5% from second quarter levels, in-line with normal seasonality patterns. The Company also anticipates that average selling prices will be flat to up by 2% as carbon pricing is expected to remain supported and offset recent LME driven corrections in stainless and aluminum pricing. Net sales are therefore expected to be in the range of $1.87 billion to $1.95 billion. Ryerson also anticipates that as higher cost inventory continues to come into the market, margin pressure will increase given program customer price lags and some non-ferrous average selling price reversion. The Company also expects to recognize approximately $5 to $7 million of additional inventory purchase accounting charges through the end of the year as it sells through the remaining acquired inventory. Excluding these inventory purchase accounting adjustments, net income generation for the third quarter of 2026 is expected to be in the range of $19 to $21 million, or $0.37 to $0.40 per diluted share, with LIFO expense between $16 and $18 million. Third quarter Adjusted EBITDA, excluding LIFO is expected to be in the range of $88 to $92 million, inclusive of Olympic Steel's expected contribution of $21 to $23 million.   

Same-store Key Financial Metrics Reconciliation
										Ryerson
		Olympic Steel				Ryerson				Holding
		Period from				same-store				Corporation
(Dollars in millions, tons in thousands)		2/13/26 - 6/30/26				Six months ended June 30, 2026
Tons shipped			393				1,067				1,460
Net sales		$	836.9			$	2,735.8			$	3,572.7
Gross margin, excluding LIFO expense			18.1	%			19.0	%			18.8	%
Warehousing, delivery, selling, general & administrative expenses		$	149.2			$	436.3			$	585.5
Expense % of sales			17.8	%			15.9	%			16.4	%
Adjusted EBITDA, excluding LIFO expense		$	36.0			$	132.4			$	168.4
Adjusted EBITDA, excluding LIFO expense % of sales			4.3	%			4.8	%			4.7	%

Second Quarter 2026 Major Product Metrics
	Net Sales (millions)
		Q2 2026				Q1 2026					Q2 2025				Quarter-over-quarter				Year-over-year
Carbon Steel	$		1,094		$	793				$	578					38.0	%			89.3	%
Aluminum	$	434			$	350				$	306					24.0	%			41.8	%
Stainless Steel	$	444			$	376				$	271					18.1	%			63.8	%
	Tons Shipped (thousands)
		Q2 2026				Q1 2026					Q2 2025				Quarter-over-quarter				Year-over-year
Carbon Steel		653				521					391					25.3	%			67.0	%
Aluminum		55				48					50					14.6	%			10.0	%
Stainless Steel		87				77					60					13.0	%			45.0	%
	Average Selling Prices (per ton)
		Q2 2026				Q1 2026					Q2 2025				Quarter-over-quarter				Year-over-year
Carbon Steel	$		1,675		$		1,522			$		1,478				10.1	%			13.3	%
Aluminum	$		7,891		$		7,292			$		6,120				8.2	%			28.9	%
Stainless Steel	$		5,103		$		4,883			$		4,517				4.5	%			13.0	%
First Half 2026 Major Product Metrics
						Net Sales (millions)
						1H 2026					1H 2025			Year-over-year
Carbon Steel					$		1,887			$		1,141				65.4	%
Aluminum					$	784				$	581					34.9	%
Stainless Steel					$	820				$	552					48.6	%
						Tons Shipped (thousands)
						1H 2026					1H 2025			Year-over-year
Carbon Steel							1,174				780					50.5	%
Aluminum						103					98					5.1	%
Stainless Steel						164					121					35.5	%
						Average Selling Prices (per ton)
						1H 2026					1H 2025			Year-over-year
Carbon Steel					$		1,607			$		1,463				9.9	%
Aluminum					$		7,612			$		5,929				28.4	%
Stainless Steel					$		5,000			$		4,562				9.6	%
Note: product table excludes "other" products, which represent approximately 3% of sales

Earnings Call Information
Ryerson will host a conference call to discuss second quarter 2026 financial results for the period ended June 30, 2026, on Thursday, July 30, 2026, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.

About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson, together with Olympic Steel, has approximately 6,500 employees and approximately 150 locations. Visit Ryerson at www.ryerson.com. 

Notes:

1Net income attributable to Ryerson Holding Corporation

2For EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO and gross margin, excluding LIFO please see Schedule 2

3Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash

Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or purchase, or a solicitation of an offer to purchase, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or purchase, or a solicitation of an offer to purchase, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.

Safe Harbor Provision
This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "anticipates," "believes," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Ryerson's current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the merger involving Ryerson and Olympic Steel, including future financial and operating results, expected synergies, Ryerson's plans, objectives, expectations, and intentions, and other statements that are not historical facts. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates, and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation,  the risk that the businesses will not be integrated successfully or will be more costly or difficult than expected; the risk that the cost savings and any other synergies may not be fully realized or may take longer to realize than expected, or that the merger may be less accretive than expected; the risk that the merger will not provide stockholders with increased earnings potential; the risk that increases to earnings, margins, and cash flows may not be as large as expected or many not occur at all; Ryerson and Olympic Steel may not be able to increase commercial growth, cross-sell, or expand geographically, and scale the combined businesses as expected; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the merger; the risk of adverse reactions or changes to business or employee relationships resulting from the merger; adverse economic conditions; highly cyclical fluctuations resulting from, among others, seasonality, market uncertainty, and costs of goods sold; the Company's ability to remain competitive and maintain market share in the highly competitive and fragmented metals distribution industry; managing the costs of purchased metals relative to the price at which each company sells its products during periods of rapid price escalation or deflation; customer, supplier, and competitor consolidation, bankruptcy, or insolvency; the impairment of goodwill that could result from, among other things, volatility in the markets in which each company operates; the impact of geopolitical events; future funding for postretirement employee benefits may require substantial payments from current cash flow; the regulatory and other operational risks associated with our operations located outside of the United States; the adequacy of the Company's efforts to mitigate cyber security risks and threats; reduced production schedules, layoffs, or work stoppages by each company's own, its suppliers', or customers' personnel;  any underfunding of certain employee retirement benefit plans and the actual costs exceeding current estimates; prolonged disruption of the Company's processing centers; failure to manage potential conflicts of interest between or among customers or suppliers of each company; unanticipated changes to, or any inability to hire and retain key personnel at either company; currency exchange rate fluctuations; the incurrence of substantial costs of liabilities to comply with, or as a result of, violations of environmental laws; the risk of product liability claims; the Company's indebtedness or covenants in the instruments governing such indebtedness; the influence of a single investor group over the Company's policies and procedures; and other risks inherent in Ryerson's business and other factors described in Ryerson's filings with the Securities and Exchange Commission. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Ryerson. If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

Forward-looking statements are based on the estimates and opinions of management as of the date of this communication; subsequent events and developments may cause their assessments to change. Ryerson does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law and they specifically disclaim any obligation to do so. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Selected Income and Cash Flow Data - Unaudited
(Dollars and Shares in Millions, except Per Share and Per Ton Data)
		2026								2025				First Six Months Ended
		Second				First				Second				June 30,
		Quarter				Quarter				Quarter				2026				2025
NET SALES		$	2,006.2			$	1,566.5			$	1,169.3			$	3,572.7			$	2,305.0
Cost of materials sold			1,651.0				1,277.7				959.9				2,928.7				1,891.2
Gross profit			355.2				288.8				209.4				644.0				413.8
Warehousing, delivery, selling, general, and administrative			320.3				265.2				201.8				585.5				403.9
Impairment charges on assets			0.5				0.4				1.8				0.9				1.8
OPERATING PROFIT			34.4				23.2				5.8				57.6				8.1
Other income and (expense), net			1.9				1.7				(2.3)				3.6				(2.0)
Interest and other expense on debt			(14.3)				(11.7)				(9.8)				(26.0)				(19.3)
INCOME (LOSS) BEFORE INCOME TAXES			22.0				13.2				(6.3)				35.2				(13.2)
Provision (benefit) for income taxes			6.0				8.2				(8.4)				14.2				(10.0)
NET INCOME (LOSS)			16.0				5.0				2.1				21.0				(3.2)
Less: Net income attributable to noncontrolling interest			0.5				0.5				0.2				1.0				0.5
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION		$	15.5			$	4.5			$	1.9			$	20.0			$	(3.7)
EARNINGS (LOSS) PER SHARE
Basic		$	0.30			$	0.11			$	0.06			$	0.42			$	(0.12)
Diluted		$	0.30			$	0.10			$	0.06			$	0.42			$	(0.12)
Shares outstanding - basic			51.9				42.4				32.2				47.2				32.0
Shares outstanding - diluted			52.6				43.2				32.4				47.9				32.0
Dividends declared per share		$	0.1875			$	0.1875			$	0.1875			$	0.375			$	0.375
Supplemental Data :
Tons shipped  (000)			804				656				501				1,460				1,001
Shipping days			64				63				64				127				127
Average selling price/ton		$	2,495			$	2,388			$	2,334			$	2,447			$	2,303
Gross profit/ton			442				440				418				441				413
Operating profit/ton			43				35				12				39				8
LIFO expense per ton			21				15				26				18				20
LIFO expense			17.0				10.0				13.2				27.0				20.0
Depreciation and amortization expense			31.7				23.4				19.4				55.1				38.6
Cash flow provided by (used in) operating activities			(5.6)				(152.2)				6.7				(157.8)				(2.4)
Capital expenditures			(16.3)				(12.2)				(9.9)				(28.5)				(17.9)
See Schedule 1 for Condensed Consolidated Balance Sheets
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation
See Schedule 3 for Adjusted EPS reconciliation
See Schedule 4 for Free Cash Flow reconciliation
See Schedule 5 for Third Quarter 2026 Guidance reconciliation

Schedule 1
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Balance Sheets
(In millions, except shares)
		June 30,				December 31,
		2026				2025
Assets		(unaudited)
Current assets:
Cash and cash equivalents		$	41.9			$	26.9
Restricted cash			1.4				0.9
Receivables, less provisions of $2.4 at June 30, 2026 and $2.7 at December 31, 2025			927.2				460.8
Inventories			1,193.7				648.3
Prepaid expenses and other current assets			102.4				85.9
Total current assets			2,266.6				1,222.8
Property, plant, and equipment, at cost			1,528.7				1,179.8
Less: accumulated depreciation			606.9				570.0
Property, plant, and equipment, net			921.8				609.8
Operating lease assets			343.8				323.9
Other intangible assets			81.8				58.2
Goodwill			164.4				161.5
Deferred charges and other assets			63.3				28.5
Total assets		$	3,841.7			$	2,404.7
Liabilities
Current liabilities:
Accounts payable		$	788.1			$	516.0
Salaries, wages, and commissions			76.6				40.5
Other accrued liabilities			115.0				72.0
Short-term debt			2.6				1.9
Current portion of operating lease liabilities			41.7				34.0
Current portion of deferred employee benefits			3.6				3.7
Total current liabilities			1,027.6				668.1
Long-term debt			952.6				461.2
Deferred employee benefits			89.1				70.2
Noncurrent operating lease liabilities			331.9				318.6
Deferred income taxes			121.5				110.2
Other noncurrent liabilities			20.2				12.8
Total liabilities			2,542.9				1,641.1
Commitments and contingencies
Equity
Ryerson Holding Corporation stockholders' equity:
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at June 30, 2026 and December 31, 2025			—				—
Common stock, $0.01 par value; 100,000,000 shares authorized; 60,233,293 and 40,373,512 shares issued at June 30, 2026 and December 31, 2025, respectively			0.6				0.4
Capital in excess of par value			976.6				432.6
Retained earnings			699.2				698.8
Treasury stock, at cost - Common stock of 8,342,140 shares at June 30, 2026 and 8,164,148 shares at December 31, 2025			(240.8)				(237.0)
Accumulated other comprehensive loss			(147.2)				(141.7)
Total Ryerson Holding Corporation Stockholders' Equity			1,288.4				753.1
Noncontrolling interest			10.4				10.5
Total Equity			1,298.8				763.6
Total Liabilities and Stockholders' Equity		$	3,841.7			$	2,404.7

Schedule 2
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO
(Dollars in millions)
		2026								2025				First Six Months Ended
		Second				First				Second				June 30,
		Quarter				Quarter				Quarter				2026				2025
Net income (loss) attributable to Ryerson Holding Corporation		$	15.5			$	4.5			$	1.9			$	20.0			$	(3.7)
Interest and other expense on debt			14.3				11.7				9.8				26.0				19.3
Provision (benefit) for income taxes			6.0				8.2				(8.4)				14.2				(10.0)
Depreciation and amortization expense			31.7				23.4				19.4				55.1				38.6
EBITDA		$	67.5			$	47.8			$	22.7			$	115.3			$	44.2
Gain on insurance settlement			(0.6)				—				(1.0)				(0.6)				(1.0)
Reorganization			1.4				4.0				5.0				5.4				9.0
Advisory services fees			0.5				6.3				—				6.8				—
Impairment charges on assets			0.5				0.4				1.8				0.9				1.8
Foreign currency transaction (gains) losses			(1.8)				(2.1)				2.7				(3.9)				2.7
Purchase consideration and other transaction costs			16.5				0.5				0.5				17.0				0.9
Other adjustments			—				0.5				0.1				0.5				0.2
Adjusted EBITDA		$	84.0			$	57.4			$	31.8			$	141.4			$	57.8
Adjusted EBITDA		$	84.0			$	57.4			$	31.8			$	141.4			$	57.8
LIFO expense			17.0				10.0				13.2				27.0				20.0
Adjusted EBITDA, excluding LIFO expense		$	101.0			$	67.4			$	45.0			$	168.4			$	77.8
Net sales		$	2,006.2			$	1,566.5			$	1,169.3			$	3,572.7			$	2,305.0
Adjusted EBITDA, excluding LIFO expense, as a percentage of net sales			5.0	%			4.3	%			3.8	%			4.7	%			3.4	%
Gross profit		$	355.2			$	288.8			$	209.4			$	644.0			$	413.8
Gross margin			17.7	%			18.4	%			17.9	%			18.0	%			18.0	%
Gross profit		$	355.2			$	288.8			$	209.4			$	644.0			$	413.8
LIFO expense			17.0				10.0				13.2				27.0				20.0
Gross profit, excluding LIFO expense		$	372.2			$	298.8			$	222.6			$	671.0			$	433.8
Gross margin, excluding LIFO expense			18.6	%			19.1	%			19.0	%			18.8	%			18.8	%
Gross profit		$	355.2			$	288.8			$	209.4			$	644.0			$	413.8
LIFO expense			17.0				10.0				13.2				27.0				20.0
Purchase accounting inventory adjustments			15.7				—				—				15.7				—
Gross profit, excluding LIFO expense and purchase accounting  inventory adjustments		$	387.9			$	298.8			$	222.6			$	686.7			$	433.8
Gross margin, excluding LIFO expense and purchase accounting inventory adjustments			19.3	%			19.1	%			19.0	%			19.2	%			18.8	%
Note: EBITDA represents net income (loss) before interest and other expense on debt, provision (benefit) for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, gain on litigation settlement, reorganization expenses, impairment charges on assets, advisory service fees, foreign currency transaction gains and losses, and purchase consideration and other transaction costs. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense, to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, do not represent, and should not be used as a substitute for, net income (loss) or cash flows provided by (used in) operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense, which is calculated as gross profit minus LIFO expense, divided by net sales and gross margin, excluding LIFO expense and purchase accounting inventory adjustments, which is calculated as gross profit plus LIFO expense and purchase accounting inventory adjustments divided by net sales. We have excluded LIFO expense and purchase accounting inventory adjustments from gross margin as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do as well as remove the effect of non-cash purchase accounting inventory adjustments.  Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense, gross margin, excluding LIFO expense, gross margin excluding LIFO expense and purchase accounting inventory adjustments and Adjusted EBITDA, excluding LIFO expense, as a percentage of sales may differ from that of other companies.

Schedule 3
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share
(Dollars and Shares in Millions, Except Per Share Data)
		2026								2025				First Six Months Ended
		Second				First				Second				June 30,
		Quarter				Quarter				Quarter				2026				2025
Net income (loss) attributable to Ryerson Holding Corporation		$	15.5			$	4.5			$	1.9			$	20.0			$	(3.7)
Gain on insurance settlement			(0.6)				—				(1.0)				(0.6)				(1.0)
Advisory services fees			0.5				6.3				—				6.8				—
Impairment charges on assets			0.5				0.4				1.8				0.9				1.8
Purchase accounting inventory adjustments			15.7				—				—				15.7				—
Provision (benefit) for income taxes			(4.0)				1.9				(0.2)				(2.1)				(0.2)
Adjusted net income (loss) attributable to Ryerson Holding Corporation		$	27.6			$	13.1			$	2.5			$	40.7			$	(3.1)
Adjusted diluted earnings (loss) per share		$	0.52			$	0.30			$	0.08			$	0.85			$	(0.10)
Shares outstanding - diluted			52.6				43.2				32.4				47.9				32.0
Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments.
Schedule 4
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Cash Flow from Operations to Free Cash Flow Yield
(Dollars in Millions)
		2026								2025				First Six Months Ended
		Second				First				Second				June 30,
		Quarter				Quarter				Quarter				2026				2025
Net cash provided by (used in) operating activities		$	(5.6)			$	(152.2)			$	6.7			$	(157.8)			$	(2.4)
Capital expenditures			(16.3)				(12.2)				(9.9)				(28.5)				(17.9)
Proceeds from sales of property, plant, and equipment			4.4				1.1				0.2				5.5				0.3
Free cash flow		$	(17.5)			$	(163.3)			$	(3.0)			$	(180.8)			$	(20.0)
Market capitalization		$	1,277.0			$	1,167.3			$	694.5			$	1,277.0			$	694.5
Free cash flow yield			(1.4)	%			(14.0)	%			(0.4)	%			(14.2)	%			(2.9)	%
Note: Market capitalization is calculated using June 30, 2026, March 31, 2026, and June 30, 2025 stock prices and shares outstanding.

Schedule 5
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Third Quarter 2026 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance
(Dollars in Millions)
	Third Quarter 2026
	Low		High
Net income attributable to Ryerson Holding Corporation	$19		$21
Diluted income per share	$0.37		$0.40
Interest and other expense on debt	14		14
Provision for income taxes	6		8
Depreciation and amortization expense	31		31
EBITDA	$70		$74
Adjustments	-		2
Adjusted EBITDA	$70		$76
LIFO expense	18		16
Adjusted EBITDA, excluding LIFO expense	$88		$92
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA.

 

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SOURCE Ryerson Holding Corporation

FAQ

What were Ryerson (RYZ) key financial results for Q2 2026?

Ryerson reported Q2 2026 revenue of $2.01 billion, net income of $15.5 million, and Adjusted EBITDA, excluding LIFO, of $101.0 million. According to Ryerson, tons shipped rose 22.6% sequentially and average selling price per ton increased 4.5% versus Q1 2026.

How did the Olympic Steel merger impact Ryerson (RYZ) results in Q2 2026?

Olympic Steel contributed $564.2 million of revenue and $23.5 million of Adjusted EBITDA, excluding LIFO, in Q2 2026. According to Ryerson, the company realized about $5 million of synergies and now expects to exceed its $40 million first-year synergy run-rate target.

What guidance did Ryerson (RYZ) provide for Q3 2026 revenue and earnings?

Ryerson expects Q3 2026 net sales of $1.87–$1.95 billion and net income of $19–$21 million, or $0.37–$0.40 per diluted share, excluding inventory purchase accounting adjustments. According to Ryerson, Adjusted EBITDA, excluding LIFO, is projected at $88–$92 million.

What are Ryerson (RYZ) expectations for shipments and pricing in Q3 2026?

Ryerson expects Q3 2026 shipments to decline 3%–5% sequentially, consistent with normal seasonality. According to Ryerson, average selling prices are anticipated to be flat to up by 2%, with supported carbon pricing offsetting softer stainless and aluminum pricing.

How did Ryerson (RYZ) debt and liquidity change in Q2 2026?

Ryerson ended Q2 2026 with $955 million of total debt and $913 million of net debt, up versus Q1 2026. According to Ryerson, global liquidity, including cash and revolver availability, increased to $757 million as of June 30, 2026.

What dividends and share repurchases did Ryerson (RYZ) announce around Q2 2026?

Ryerson paid a Q2 2026 dividend of $0.1875 per share, totaling $9.7 million, and repurchased about 39,000 shares for $0.8 million. According to Ryerson, a $100 million share repurchase authorization remains fully available through April 30, 2028.

What is Ryerson (RYZ) outlook for merger synergies after Q2 2026?

Ryerson realized about $5 million of synergies in Q2 2026 and expects $13–$14 million in Q3, equating to a $52–$56 million annualized run rate. According to Ryerson, this performance positions the company to exceed its $40 million first-year synergy target.